Saudi youths construct historic market for Souq Okaz

In this file photo, people are seen outside the Souq Okaz theater in Taif. A giant market has been built for the latest session of the festival, with Saudi youths contributing a lot of effort to its completion. (SPA photo)
Updated 19 July 2019

Saudi youths construct historic market for Souq Okaz

  • A total of 67 young men and women took part in the construction of the historic market area
  • Work was carried out with the assistance of 247 on-site workers of different nationalities

RIYADH: A group of Saudi youths has helped to build a giant market for the latest session of Souq Okaz, one of the most famous historical attractions of its kind in the Arabian Peninsula.

A total of 67 young men and women took part in the construction of the historic market area extending over 41,000 square meters, as part of the Saudi Commission for Tourism and National Heritage’s (SCTH) drive to support youth employment and skills in the Kingdom.

The work, completed over 35 days at the 13th session of Souq Okaz, was carried out with the assistance of 247 on-site workers of different nationalities.

The team participated in various roles including art, engineering, design, carpentry and blacksmithing, plumbing and electrics.

Souk Okaz has 200 shops selling pottery, silverware, glassware, wall arts and historical manuscripts, as well as textiles, handicrafts and leather goods. The market also includes restaurants and cafes.

SCTH is working with partners to maintain and improve the services and facilities at Okaz Souq for the new season of unique events and programs.

 

 


Saudi VAT revenues hit SR46.7bn in a year: Finance minister

Updated 14 November 2019

Saudi VAT revenues hit SR46.7bn in a year: Finance minister

  • Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax
  • Said Kingdom was working to reach a consensual solution for tax challenges

RIYADH: Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister.

Mohammed Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax (GAZT) conference and exhibition.

“The commitment rate came at 90 percent, exceeding all the expectations of GAZT and some international organizations that ranged between 60 and 70 percent,” he said.

“The conference comes as the Kingdom is witnessing an economic and social transformation under the leadership of King Salman and Crown Prince Mohammed bin Salman to achieve a diverse economy and sustainable growth in line with the Kingdom’s 2030 vision.

“The Kingdom’s fiscal policy aims to achieve a balance between the state’s financial and economic objectives. It seeks to maintain financial sustainability for the medium and long terms, which stimulates economic growth rates. This generates from our recognition that fiscal policies are one of the most important drivers of growth in the non-oil sector,” he added.

“The digital economy is rapidly advancing. We hope that modern technologies such as artificial intelligence and blockchains will improve compliance with zakat and taxes, enrich the business sector, lower costs, promote tax transparency and develop e-commerce tax regulations.

“This conference will hopefully achieve a qualitative leap in the sectors of zakat and taxes by promoting cooperation and exchanging experiences.”

Al-Jadaan said that as the Kingdom prepared to host the next G20 summit, it was working to reach a consensual solution for tax challenges of the digital economy and contribute with other member states to stabilizing the global economy.